Man wins lottery on the day he becomes US citizen

[rh71]

link

 

[leftyman]

America ben berry berry goot to me!

 

[tami]

lucky guy.

 

[Shadowknight]

In Soviet Russia, lottery wins you.

 

[spaceman]

awesome for him

 

[techs]

Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

 

[zainali]

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

more like his choice is still from a foreign perspective.

 

[rh71]

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

I know why I'd want the lump sum (pretty much greed), but why would taking the annual payments be a mistake ? Is it because of inflation ?

 

[mchammer187]

Originally posted by: rh71

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

I know why I'd want the lump sum (pretty much greed), but why would taking the annual payments be a mistake ? Is it because of inflation ?

because if you take the lump sum and invest it you are going to end up way ahead

even at a 4% return which you can get anywhere with zero risk

 

[DivideBYZero]

Originally posted by: Shadowknight
In Soviet Russia, lottery wins you.

WWYBYWB?

 

[rh71]

Originally posted by: mchammer187

Originally posted by: rh71

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

I know why I'd want the lump sum (pretty much greed), but why would taking the annual payments be a mistake ? Is it because of inflation ?

because if you take the lump sum and invest it you are going to end up way ahead

even at a 4% return which you can get anywhere with zero risk

is that way ahead of just the annual payments (well yes that's true) or way ahead of lump sum pre-tax ?

 

[mchammer187]

Originally posted by: rh71

Originally posted by: mchammer187

Originally posted by: rh71

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

I know why I'd want the lump sum (pretty much greed), but why would taking the annual payments be a mistake ? Is it because of inflation ?

because if you take the lump sum and invest it you are going to end up way ahead

even at a 4% return which you can get anywhere with zero risk

is that way ahead of just the annual payments (well yes that's true) or way ahead of lump sum pre-tax ?

way ahead of annual payments

 

[mercanucaribe]

Who's stupid for wasting money on lottery tickets now?

 

[Crono]

Originally posted by: mercanucaribe
Who's stupid for wasting money on lottery tickets now?

Everyone who didn't win.

 

[Vette73]

Originally posted by: mchammer187

Originally posted by: rh71

Originally posted by: mchammer187

Originally posted by: rh71

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

I know why I'd want the lump sum (pretty much greed), but why would taking the annual payments be a mistake ? Is it because of inflation ?

because if you take the lump sum and invest it you are going to end up way ahead

even at a 4% return which you can get anywhere with zero risk

is that way ahead of just the annual payments (well yes that's true) or way ahead of lump sum pre-tax ?

way ahead of annual payments

Yes you can make more by takeing the lump sum. BUT in this case, he did the right thing. It keeps the money out of his hands (and wifes) and if any distant relatives come forward, well to bad. he also is probable not to smart in money so the lump sum would be gone in no time and he be another lottery joke/story.

 

[TheAdvocate]

Originally posted by: rh71
link

h4x.

 

[BrokenVisage]

Originally posted by: DivideBYZero

Originally posted by: Shadowknight
In Soviet Russia, lottery wins you.

WWYBYWB?

lol, even with 250 posts you can't catch a break around here.

 

[mdchesne]

"For some reason, I'm calm," he said. His wife, Leonida, screamed.

LOL

 

[Freejack2]

Considering I have a better chance of getting hit by lightning 3 times than winning the lottery, I'm not going to waste much money on it.

 

[NiKeFiDO]

Originally posted by: TheAdvocate

Originally posted by: rh71
link

h4x.

thats some 1337 haxz0rz right there.
wish i had them skills

 

[GoingUp]

Id say getting citizenship to someone from Kenya is like winning the lottery.

 

[DaWhim]

hah.........dumbass for taking annual payment.

 

[cKGunslinger]

Originally posted by: Crono

Originally posted by: mercanucaribe
Who's stupid for wasting money on lottery tickets now?

Everyone who didn't win.

Hah!

 

[dullard]

Originally posted by: techs
Bittok chose to receive his winnings in 25 annual payments of about $52,920 after taxes

Foreigner mistake.

Nope, good sound logic to take the annual payments. A large percentage of lottery winners go bankrupt later in life. Why? Since they overspend, get hooked on the spending, and cannot stop. It is just human nature. This way he will have money for life and never have any worries. He can't overspend since he doesn't have it. He can't be hit up by friends/relatives begging for cash since he doesn't have it. Plus tax on $50k a year is 15% for a married couple, far less than the 35% tax rate on $1.89 million in one year.

In an ideal world, it may have been better to get the lump sum. But not in the real world (for most people).

 

[HumblePie]

ouch, 25 x 52,920 = 1,323,000

So while he won 1.89 mil he has $567,000 in taxes? Does that seem a little high or insane to anyone else? That looks frikkin crazy!